loanDepot and LGI Homes Debut LGI Mortgage Solutions

Rhea-AI Summary

loanDepot, a leading retail mortgage lender, has formed a new joint venture named LGI Mortgage Solutions in partnership with LGI Homes. This collaboration aims to enhance the home buying experience by leveraging LGI's focus on customer fulfillment and loanDepot's innovative lending solutions. LGI Mortgage Solutions will operate across multiple states including California and Texas, ensuring streamlined borrowing through loanDepot's mello® technology. Both companies aim to deliver exceptional service and efficiency while addressing customer needs in the housing market.

Positive

• Formation of LGI Mortgage Solutions enhances market reach for loanDepot.
• Joint venture leverages strengths of LGI Homes' customer service and loanDepot's lending technology.
• Strategic alignment could lead to increased sales and market share.

Negative

• None.

SCOTTSDALE, Ariz., April 29, 2021 /PRNewswire/ -- loanDepot.com, LLC, a subsidiary of loanDepot, Inc. (NYSE: "LDI"), the nation's third largest retail mortgage lender, and LGI Homes, one of the fastest growing home builders in the nation, today announced an exciting new joint venture partnership named LGI Mortgage Solutions. The new venture is a perfect pairing of LGI's "dream fulfillment" focus and loanDepot's commitment to delivering exceptional lending experiences, one home at a time.

"LGI Mortgage Solutions is a robust partnership between two best-in-class companies with well-matched values and quality standards," said Dan Peña, executive vice president of national joint ventures for loanDepot. "Having been a preferred lender with LGI Homes since 2015, we have been extremely impressed by each other's ability to scale while still delivering industry-leading customer service."

Headquartered in The Woodlands, Texas, LGI Homes is known for its well-crafted homes and simplified buying process. The company focuses on customer feedback to ensure that they are continuously offering an outstanding product and exceptional customer service. Named the Builder of the Year in 2016 by Professional Builder Magazine, LGI Homes focuses on customer care, integrity, ethical behavior, loyalty, efficiency and profitability to ensure a consistent outstanding experience for its home buyers.

Kirk Hudson will serve as the president of LGI Mortgage Solutions, which will operate in Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Washington, and Washington, D.C.

"The seamless borrowing experience offered by loanDepot through its mello® technology ensures that our customers will enjoy an exceptional homebuying experience from first visit through loan close," said Mike Snider, president and chief operating officer at LGI Homes. "This partnership is an optimal pairing of two world-class companies who are both focused on delivering the best of the best for our customers."

About loanDepot
loanDepot is a contemporary financial services company dedicated to delivering a best-in-class experience to its mortgage purchase and refinance customers. Launched in 2010, loanDepot offers a diversified network of direct-to-consumer, in-market, and partner business channels, uniquely positioning it to serve a wide range of customers. Headquartered in Southern California, the Company has funded more than $300 billion since its founding and currently ranks as the second largest retail nonbank lender and one of the leading retail mortgage lenders in the United States. Committed to serving the communities in which its team members live and work, loanDepot has donated millions of dollars to support a variety of local, regional and national philanthropic efforts, most recently giving more than $3 million to help with pandemic relief efforts for first responders, healthcare workers, individuals and families nationwide. The Company also is a founding sponsor of War Heroes on Water, which supports ongoing therapeutic healing services for combat-wounded veterans nationwide.

About LGI Homes
Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. Since 2018, LGI Homes has been ranked as the 10th largest residential builder in the United States based on units closed. The Company has a notable legacy of more than 18 years of homebuilding operations, over which time it has closed more than 45,000 homes. For more information about the Company and its new home developments, please visit the Company's website at www.lgihomes.com.

Media Contact:
Lori Wildrick
Vice President, Communications
(949) 330-8791
lwildrick@loandepot.com

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SOURCE loanDepot, Inc.

FAQ

What is the significance of the LGI Mortgage Solutions joint venture for LDI?

The joint venture with LGI Homes allows LDI to enhance its service offerings and expand its market reach in the housing sector.

Which states will LGI Mortgage Solutions operate in?

LGI Mortgage Solutions will operate in states including California, Texas, Florida, and many others.

How does LGI Mortgage Solutions aim to improve the home buying experience?

The venture plans to utilize loanDepot's mello® technology to ensure a seamless borrowing experience for customers.